Bajaj Allianz Life Insurance has posted record growth in FY2024, solidifying its position as a leading private life insurer in India. The company’s Individual Rated New Business (IRNB) surged by 21% year-on-year, making it the fastest-growing insurer among the top ten private players, with a five-year CAGR of 29%.
Key milestones include New Business Value surpassing ₹1,000 crore for the first time, reaching ₹1,061 crore, and the highest-ever Assets Under Management (AUM) at ₹1,09,829 crores as of March 31, 2024. Renewal premiums soared by 32% to ₹11,549 crores, and New Business Premiums grew by 7% to ₹11,494 crores. Additionally, the company achieved a Retail Claims Settlement Ratio of 99.23%.
The company announced its highest-ever bonus of ₹1,383 crores for over 11.66 lakh policyholders, marking the 23rd consecutive year of bonuses. Tarun Chugh, MD and CEO, highlighted the role of customer-centricity and innovation in driving growth. “Our substantial growth reflects the trust our customers have continued to place in us,” he said.
